(Alliance News) - EuroGroup Laminations Spa on Monday approved consolidated results as of March 31, reporting a profit of EUR8.3 million down from EUR9.3 million in the first quarter of the year before.

The 12 percent decrease from the first quarter of 2023 reflects a reduction in net financial expenses, which also included EUR2.1 million in unrealized foreign exchange gains, the company note said.

Revenues amounted to EUR206.1 million down from EUR229.8 million in the same period last year. The result was driven by solid growth in the EV & Automotive segment, which almost totally offset the contraction in the Industrial segment, the company says.

Adjusted Ebitda amounted to EUR24.4 million from EUR27.5 million in the same period a year earlier.

Ebit is EUR15.2 million, from EUR19.9 million as of March 31, 2023.

Net financial debt is EUR198.6 million from EUR110.8 million as of Dec. 31, 2023.

"Given the evolution observed in the dynamics of the two business segments, the targets for both 2024 and the medium term are confirmed," the company announced.

EuroGroup Laminations closed Monday in the green by 2.3 percent to EUR4.35 per share.

By Chiara Bruschi, Alliance News reporter

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